PGNiG acquired 25 percent. interests in a concession in Pakistan
PGNiG acquired 25 percent. stakes in the Musakhel concession block in central Pakistan. The company estimates the concession resources at 16 billion cubic meters. natural gas, the company said in a press release.
The group obtained shares under the so-called farm-in transactions, that is, covered them by agreement with concession partners and the consent of the Pakistani government. The concession partners are: Pakistan Petroleum, the concession operator (37.2% of shares), Oil & Gas Development Company (35.3%), PGNiG (25%) and Government Holdings Pvt. (2.5 percent).
The Musakhel concession block covers an area of 2,176 square kilometers. It is located in the northeastern part of the Pakistani province of Balochistan, in an area rich in natural gas.
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PGNiG has acquired a 25% interest in the Musakhel licence block in central Pakistan. The company estimates the licence resources at 16 billion m
3 of natural gas.
‘We are consistently expanding the PGNiG Group s exploration and production operations abroad. The interest acquired in the Musakhel licence block may significantly increase PGNiG s production potential in Pakistan and strengthen our position on the local energy market,’ said Pawel Majewski, President of the PGNiG SA Management Board. ‘The transaction is a farm-in deal in which we acquired the interest under an agreement with the licence partners and with the consent of the Pakistani government.This confirms that PGNiG s competence in hydrocarbon exploration and production is highly appreciated and that we managed to forge good relations with the local partners while implementing other upstream projects in Pakistan.’
Pakistan: PGNiG secures a new licence in Pakistan energy-pedia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from energy-pedia.com Daily Mail and Mail on Sunday newspapers.
Vitol Bahrain offers lowest LNG rates for April delivery
Business February 5, 2021
KARACHI: Vitol Bahrain has offered the lowest rates for supply of two liquefied natural gas (LNG) cargoes to Pakistan in April, it was learnt on Thursday.
Pakistan LNG Terminal (PLL) issued the tenders for LNG delivery in April 2021. PLL has received lower bids for two LNG cargoes for April in the range of 10.89 percent to 11.05 percent of Brent against the tender that closed on February 4.
With Brent trading at $58.77/barrel, cargo for April 5-6 delivery is priced at $6.49/million metric British thermal unit (MMBtu) – 11.05 percent of Brent, and delivery for April 19-20 is priced at $6.4/mmbtu –10.89 percent of Brent. Four traders submitted the bids including QP Trading, Vitol Bahrain, POSCO International Corporation and PetroChina International. PLL received considerably lower bids for three LNG cargoes for March in
OGDCL discovers gas in Sindh
Business
February 3, 2021
KARACHI: The Oil and Gas Development Company Limited (OGDCL) has reported gas and condensate discovery from its exploratory well Sial-1, which is located in Hyderabad district, Sindh, a statement said on Tuesday.
OGDCL is the operator and holds 95 percent interest and the Government Holdings (Pvt) Limited holds 5 percent in Sial-1.
The structure of Sial-1 was drilled and tested using OGDCL’s in-house expertise. The well was drilled down to the depth of 2,442 meters.
Based on logs data, the well was tested at the rate of 1.146 million standard cubic feet per day (MMSCFD) of gas and 680 barrels per day (BPD) of condensate, it said.